Wing has sold the Angyal (Angel) office building, set adjacent to Boráros Square in Central Budapest, to French economy hotel chain B&B Hotels. The building will be converted to a hotel based on the two companies’ strategic agreement, and become B&B Hotels’ first hotel in Hungary, with Wing taking on development tasks. The first B&B Hotels location in Hungary set to open on 7,700 sqm.
The CEE hotel sector continues to boom, with investment levels expected to exceed €800 million by the end of 2018. This marks a slight decline compared to last year’s volumes. The primary reason for that is the lack of prime assets and portfolios on the market that could satisfy investors’ongoing appetite for hotels in key CEE cities. Institutional and listed investors are becoming more dominant, accounting for 74% of total transaction volume in 2017 and 54% in the first three quarters of 2018. The changing consumer trends and evolution of accommodation concepts over the recent years have resulted in a blurring of lines between traditional hotel classes. These are the findings of the first edition of the joint Cushman & Wakefield – CMS report on the hotel Investment scene in CEE and its underlying investment trends.
Advised by Colliers International’s UK Hospitality Asset Management team and the local Colliers office in Albania, Hyatt Hotels Corporation has announced a management agreement with Kastrati Hotels & Tower for the first Hyatt-branded hotel in Albania.
The Radisson Hotel Group announced the signing of a new property to Radisson Collection in Budapest, Hungary. With 71 guest rooms and suites, a first-class fitness center, restaurant, lobby bar and a further rooftop bar the hotel will open in mid-2020.
Orbis Hotel Group, a strategic partner of AccorHotels, continues its expansion in Romania by signing a management contract for ibis Politehnica Hotel in Bucharest with its partner and investor Novum Business Services SRL.
Europe’s largest privately owned hostel chain, a&o is set to open its first property in Budapest. The company has been searching for suitable properties for a year and found the right building in the vibrant part of the 7th district, at Csengery street, with the help of Cresa
In 2020 Poland’s first NYX Hotel will open in the middle of the three Varso Place buildings HB Reavis is developing. It will occupy almost 20,000 sqm of space on fifteen floors. The four-star hotel will offer 331 rooms.
DVM group signed a contract with German developer B&L group to build a hotel next to Keleti Railway Station in Budapest. This mandate is one of the largest instructions DVM group has won on the Hungarian market to date. Planning and preparations already started early November. The scheduled delivery date of the building is 2020.
Park Inn by Radisson announced the opening of a 166-room hotel in Poznan, Poland. This brings the group's Polish portfolio to 16 hotels and more than 3,500 rooms in operation or under development. Radisson Hotel Group's international brands are represented in almost all key cities of Poland - including Warsaw, Krakow, Katowice, Gdansk, Wroclaw, Szczecin, Swinoujscie, and now also in Poznan.
The Central and Eastern European (CEE) hospitality market is showing a positive evolution, with all the performance indicators higher than in the previous year. Between 2013 and 2017, Bucharest stands out with an average increase of overnight stays of 10.1% per year, the highest in the region, according to Cushman & Wakefield’s latest report.
PepsiCo Polska moves its headquarters from Praga-Południe to Praga-Północ (Warsaw). The company has leased two storeys with a total rentable area of 3 900 sq m (3 550 net) in building M of the Monopol project at Koneser Square. The relocation is expected to be completed in the second quarter of 2022.
Baxter, an international company involved in medical equipment production, specialist medicines and biotechnology has prolonged its lease and enlarged the area it occupies within the Warsaw office building, Nordic Park owned by Globalworth. Baxter is the largest tenant in Nordic Park, taking up 4,700 sqm of offices over three floors.
Scheduling platform Booksy has leased 1,500 sqm in the Skyliner building in Warsaw in a transaction conducted entirely online via the ShareSpace platform.
New appointments
Diófa Fund Management has appointed Gábor Pozsgai as the company's new advisor to the Board of Directors. He will be responsible for the development and efficient operation of the sales strategy framework.
Colliers Poland is developing its Workplace Innovation department – Karolina Dudek, PhD has just joined the team as Associate Director. She will use her skills in organisational diagnosis, knowledge of research methodology and design management expertise to support the shaping of sustainable work environments.
Cromwell Property Group has appointed Piotr Goździewicz as senior investment manager for Central and Eastern Europe. He will be responsible for executing a variety of investment strategies of Cromwell and its capital partners in the region with a focus on Poland, Czech Republic and Slovakia.
Property Forum is a leading event hub in the CEE real estate industry with nearly 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Budapest, Bucharest, Bratislava and Prague, amongst other locations.
I have read the Privacy Policy of International Property Network Inc. and I consent to International Property Network Inc. sending me newsletters and managing my personal data provided for this purpose.
